OPEC Cuts Oil Demand Forecast, March Production Drops

Bloomberg reported that OPEC lowered its forecast for global oil demand growth to 800,000 bpd after a drop in crude production in March.

As quoted in the market news:

Worldwide oil consumption will rise this year by 800,000 barrels a day, or 0.9 percent, revised down from 840,000 last month, the Organization of Petroleum Exporting Countries said in its Monthly Oil Market Report today. Demand will rise to 89.66 million barrels a day in 2013 versus 88.87 million last year, OPEC estimated. The group’s output fell in March as Nigeria, Iran and Kuwait pumped less.

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